Ethereum to $5,000: 1.63 Million ETH Bought at Key Resistance Range

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While eyes are peeled to determine Ethereum's next move; enthusiasts expect ETH to take on its all-time highs of $4,891 and subsequently the $5,000 level., Ethereum's path to $5,000 looks increasingly clear as resistance thins. However, the journey might not be as smooth as it seems, as a critical barrier lurks within range.path to $5,000 looks increasingly clear, as resistance thins. The key hurdle? A supply zone at $4,522-$4,646, where 600,000 addresses hold 1.

The resistance range, identified by Ali as between $4,522 and $4,646, is where a substantial number of addresses hold their ETH: 600,000 addresses hold 1.63 million ETH in this range. As Ethereum approaches this resistance, the market's response will be telling. A breakthrough could trigger a rally, propelling Ethereum to new all-time highs. Breaking through this supply zone would require a considerable influx of buying pressure to absorb the sell orders and propel Ethereum's price beyond the resistance level.

However, if buyers fail to overcome this obstacle, Ethereum's price may struggle to sustain its upward trajectory, potentially leading to a period of consolidation or price correction., the most-awaited improvement since the merge, is slated to arrive within the next 24 hours, promising to drastically lower layer-2 transaction fees.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.

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